Pre-market trading in US stocks: NIO drops 4%, performance "explodes", Pinduoduo surges over 13%! CEOs of major US tech companies will gather at Capitol Hill.

US Stock Market News

1. Best Buy expects full-year revenue to be between $43.8 billion and $44.5 billion, previously estimated to be between $43.8 billion and $45.2 billion.

2. Pinduoduo's second-quarter revenue was 52.28 billion yuan, market expectations were 43.679 billion yuan, a year-on-year increase of 66%. Net profit was 13.1 billion yuan, a year-on-year increase of 47%, market expectations were 8.7 billion yuan.

3. NIO expects to deliver 55,000 to 57,000 vehicles in the third quarter, market forecasts were 48,465 vehicles. NIO's second-quarter revenue was 8.77 billion yuan, market expectations were 9.254 billion yuan. Adjusted net loss was 5.446 billion yuan, an increase of 140.2% compared to the same period last year.

4. Vice Premier of the State Council and Chinese lead negotiator for China-US economic and trade issues, He Lifeng, met with US Secretary of Commerce Raimondo in Beijing on the afternoon of the 29th. The two sides had frank, pragmatic, and constructive discussions on implementing the important consensus reached at the China-US summit in Bali and the economic and trade issues of common concern. China expressed its concerns about the US measures such as the Section 301 tariffs, export controls on China, and restrictions on bilateral investment. The two sides agreed to continue communication and support practical cooperation between the two countries' enterprises. (Xinhua News Agency)

5. Xiaomi's second-quarter revenue was 67.35 billion yuan, market expectations were 65.13 billion yuan, a year-on-year decrease of 4% and a quarter-on-quarter increase of 13.2%. Adjusted net profit was 5.14 billion yuan, a year-on-year increase of 147% and a quarter-on-quarter increase of 59%.

7. According to Axios, CEOs of major US tech companies will go to Capitol Hill next month to participate in the first Artificial Intelligence Insight Forum hosted by Senate Majority Leader Schumer. The closed-door forum will be held on September 13th and will be attended by many heavyweight figures, including Musk, Meta's Zuckerberg, Google's Sundar Pichai, OpenAI's Sam Altman, Nvidia's Jensen Huang, and Microsoft co-founder Bill Gates.

9. According to CCTV: Li Qiang met with US Secretary of Commerce.

Pre-market Movers

In pre-market trading, Dow Jones futures, Nasdaq futures, and S&P 500 futures are all relatively flat.

Alibaba is up 1.6%, JD.com is up 2%, Pinduoduo is up over 13%, Beike is up over 5%, Bilibili is up nearly 5%, Baidu is up nearly 2%, NetEase and Li Auto are up over 2%, NIO is down over 3%.

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